Tag Archives: Bitcoin Wallet

My Early Experiences With Bitcoin And Helpful Tips I’ve Uncovered

Recently, I finally took the plunge and bought some Bitcoin. I even wrote shared the experience. Overall, it wasn’t that groundbreaking. It didn’t involve a radical rethinking of how I used or thought about money. It was not that different from depositing money in a new account from an ATM. The account in this case just happened to be Bitcoin.

Since then, I’ve bought more Bitcoin. To date, I have a couple hundred bucks in my lone Bitcoin wallet. I’m still using BRD, which is one of the simplest wallets you can get. I have looked into getting others that have more features, but many of them seem to be more trouble than they’re worth.

That may change. I am quite interested in what BitPay has to offer with some of their services, but for now, I’m content to stick with BRD.

However, since I bought my Bitcoins, one issue has come up and I suspect it’s still the primary issue that most people face when they first get involved in this. It’s probably the same issue that prevents a lot of people from getting into it to begin with.

How do I spend my Bitcoins once I have them?

It’s the main issue that all these cryptocurrencies face. Getting them and securing them is challenging enough. Actually spending them like real money is still a challenge. While there are some noteworthy merchants that accept Bitcoin, most major retail outlets do not. You cannot use Bitcoin at Amazon or WalMart or even a standard grocery store just yet. Until that changes, its use will be limited.

This is what kept me from buying much of anything with my Bitcoins. Then, I discovered a useful tool that has helped make that easier and I think it’s worth sharing. While it’s true that companies like Amazon and Apple don’t accept Bitcoin directly, you can still use them. You just have to do it indirectly.

One way to do this is to use a site I found called Bitrefill. What it does is simple. You just use your Bitcoins to purchase digital gift cards for popular retail outlets. It works like this.

Step 1: Go to Bitrefill.com and browse the various gift card options, which includes the likes of Amazon and Walmart.

Step 2: Pick a gift card, choose an amount, and enter your Bitcoin account information for the desired amount, which is usually around $50 to $100.

Step 3: Complete the purchase and wait for the gift card code to come in via email. Then, just add the amount to your existing account.

For those who buy most of their stuff on Amazon, this is a quick way to turn your Bitcoins into something spendable. There are a few other workarounds, like Moon and Purse.io, but I’ve found this to be the easiest. There’s even a similar website called CoinsBee that allows you to do the same to your Apple iTunes account.

Basically, if you know how to send or spend gift cards, you can spend Bitcoin. Does it require a few extra steps from traditional cash? Yes, it does, but you can still spend it.

That may still raise the question as to why bother with Bitcoin in the first place. If it’s just adding an extra step between you and the retailers you prefer, then what’s the point? Well, this is where I’d like to share another part of my Bitcoin experience.

After buying my first batch, the price went up. I don’t know why, but it did. Suddenly, the first hundred bucks I put in was worth $125. That was great. It was downright thrilling. Granted, it did go down to around $103, but it was still impactful in a major way.

That’s because Bitcoin, unlike traditional money, fluctuates in value. Many see it as a reason why they don’t buy in. It’s just too volatile. I can understand that, but I also understand the impact of inflation.

If you go to your bank account right now and look at your money, you won’t see it change much in terms of value. However, inflation does ensure that its value goes down. It’s not a conspiracy. It’s just basic economics. Over time, most fiat currency loses value. That has been the trend for nearly a century.

With Bitcoin, it fluctuates. One day, it has more value. The other, it has less. You’ll win on some days, but lose with others. With regular cash, though, you always lose. You don’t lose nearly as much. Most of the time, it happens so slowly that you don’t even notice. Even so, losing is still losing.

The Bitcoins I have now may only be worth a few hundred bucks. By this time next year, they could be worth a lot more. That’s even more money I can convert to Amazon or WalMart gift cards. There’s also a chance the price could crash, as it has before, but given the finite nature of Bitcoin, there’s more incentive for its value to increase rather than decrease.

That doesn’t mean its value will always go up. There’s still a non-zero chance that Bitcoin’s value could stall or outright collapse, as other currencies have in the past. That’s why I’m not converting all my money into Bitcoin anytime soon.

For the time being, though, I’m satisfied and encouraged by my Bitcoin experience. I also encourage others to get into it as well, if only to get a feel for it. Hopefully, the sites I’ve listed here will help you get some use out of your Bitcoins. Money is a powerful force in this world. So long as Bitcoin and other cryptocurrencies keep operating as such, they’ll have a part in our future. Now is as good a time as any to carve your place in that future.

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Filed under Bitcoin, Jack Fisher's Insights, technology

What Keeps Bitcoin From Being A (Bigger) Part Of Our Future

I consider myself an enthusiast of technology. On many occasions, I’ve wildly speculated about emerging technology and expressed unapologetic excitement about certain trends. In general, I have the utmost respect and support for those who share this passion. I don’t always agree with their outlook or speculation, but I get where they’re coming from.

Then, there are Bitcoin enthusiasts. I’ll just come out and say I have mixed feelings about them.

Don’t get me wrong. I don’t want to diminish what a remarkable technology Bitcoin is. It is a complicated and, at times, confusing technology. Even the Wikipedia page only does so much to explain what it is, where it came from, and why it matters. That’s not surprising. There was plenty of confusion about the internet too when it first emerged.

While I don’t consider myself an enthusiast, Bitcoin has sparked my curiosity. I do sometimes look into major news stories and developments surrounding the technology. The fact that it has lasted over a decade and made some people legitimate millionaires is proof enough that Bitcoin has real, tangible value. Those who keep saying that Bitcoin is just a fad or will crash are becoming increasingly scarce.

I’m convinced that Bitcoin, and other cryptocurrencies like it, are here to stay. They’ve proven that they have value in an increasingly digital landscape. As the internet becomes more prevalent and accessible, their role will only grow. That being said, I’m not yet convinced Bitcoin’s role will go beyond a certain point.

Those who say Bitcoin is the future of money are likely talking in hyperbole.

Those who say Bitcoin and the blockchain are the most revolutionary technologies since email are also likely exaggerating.

I don’t doubt for a second that these people believe in what they’re saying. I just haven’t seen enough to warrant that kind of enthusiasm. The issue isn’t as much about the merits of the technology as it is about how it’s being used. I’m not just referring to its role in the illegal drug trade, either.

At the moment, Bitcoin is fairly accessible. If you have a smartphone and an internet connection, you can download a simple wallet for free. If you do a quick search for a Bitcoin ATM, you can purchase Bitcoins with the same ease you would when purchasing a gift card. It’s what you do after that where the issues arise.

What exactly can you buy with Bitcoin that you can’t buy more easily through other means? That’s not me being facetious. This is where I tend to diverge with Bitcoin enthusiasts. I understand that some major ecommerce sites accept Bitcoin, namely Overstock. I’m also aware that more and more retailers are accepting Bitcoin.

However, the only ones taking advantage of that option are those who go out of their way to use Bitcoin. For most people, especially those who aren’t as tech savvy, there just aren’t enough benefits to warrant the extra effort. On top of that, Bitcoin does have some lingering flaws that are hard to work around. Then again, you can say the same thing about traditional money.

None of that even begins to highlight the growing issues associated with mining Bitcoins.

Now, that could change. It’s not a certainty, but it is a possibility. Like any new tech, the issue isn’t always about whether or not it works. Bitcoin clearly works and it’s been working for nearly a decade. It’s whether or not there’s a “killer app” to entice ordinary people to go through the effort of learning about, acquiring, and using Bitcoin.

The problem is that, thanks to incidents like the Silk Road, the primary use of Bitcoin and cryptocurrencies like it have been for the purchase of drugs or other illicit services. Regardless of how you feel about the politics surrounding illegal drugs and services, that’s the reputation Bitcoin has. It’s just a way for criminals and their cohorts to operate.

That’s not a killer app. It’s also not sustainable.

In order for Bitcoin to play a bigger part in our future, it needs to have a good, meaningful use. It took cell phones decades to find that. Just being able to make phone calls, remember phone numbers, and occasionally host a game of solitaire wasn’t enough. Other apps like music, video chatting, and cameras had to get into the mix before the public and the market embraced them.

That’s what Bitcoin needs. I don’t claim to know what that entails. I think Bitcoin has to get to a point where using it is as simple as using a credit card or debit card. It also needs a particular use or product that will justify the physical and financial investment. That use also can’t be illegal. It’s no secret that the internet owes much of its early growth to the porn industry, but porn isn’t illegal.

Bitcoin, in my opinion, will need something bigger than porn. It might also need to wait until more parts of the world are connected to broadband internet. Maybe it involves voting, enforcing contracts, or the development of new peer-to-peer networks, such as Open Bazaar. I don’t know. I’m not smart enough to figure it out at the moment.

In the meantime, I’ll certainly keep an eye on Bitcoin. I don’t deny it has its uses in the current world. It’s just too limited right now. Whether it has a large or small role in the future that awaits us remains to be seen.

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Filed under Bitcoin, futurism, technology